Ardelyx, Inc. (NASDAQ:ARDX) Receives $11.31 Consensus Price Target from Brokerages

Ardelyx, Inc. (NASDAQ:ARDX) has been assigned an average recommendation of “Buy” from the nine research firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $10.69.

Several equities research analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Ardelyx in a report on Thursday. Citigroup decreased their price objective on shares of Ardelyx from $14.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. StockNews.com cut Ardelyx from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Piper Sandler downgraded Ardelyx from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Finally, Wedbush reiterated an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research report on Thursday.

Insider Activity

In related news, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $6.72, for a total value of $50,400.00. Following the transaction, the chief executive officer now directly owns 1,270,273 shares in the company, valued at approximately $8,536,234.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Robert Blanks sold 38,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $5.96, for a total value of $226,480.00. Following the completion of the sale, the insider now owns 324,331 shares in the company, valued at approximately $1,933,012.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $6.72, for a total transaction of $50,400.00. Following the transaction, the chief executive officer now owns 1,270,273 shares in the company, valued at $8,536,234.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 534,119 shares of company stock worth $4,109,050. Insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

A number of hedge funds have recently modified their holdings of ARDX. Nisa Investment Advisors LLC raised its position in Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 3,233 shares during the period. HighMark Wealth Management LLC purchased a new stake in shares of Ardelyx in the first quarter worth approximately $36,000. SJS Investment Consulting Inc. acquired a new stake in shares of Ardelyx during the fourth quarter worth approximately $62,000. Jump Financial LLC purchased a new position in Ardelyx during the fourth quarter valued at approximately $63,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in Ardelyx in the 1st quarter valued at approximately $64,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Performance

ARDX opened at $5.51 on Monday. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The stock has a market cap of $1.28 billion, a PE ratio of -19.68 and a beta of 0.83. The business’s 50 day moving average is $6.52 and its 200-day moving average is $7.58. The company has a current ratio of 4.53, a quick ratio of 4.36 and a debt-to-equity ratio of 0.66.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. Ardelyx had a negative return on equity of 41.65% and a negative net margin of 41.36%. The firm had revenue of $46.00 million for the quarter, compared to the consensus estimate of $36.40 million. During the same quarter in the previous year, the business earned ($0.13) EPS. The firm’s revenue for the quarter was up 303.5% on a year-over-year basis. On average, analysts predict that Ardelyx will post -0.34 earnings per share for the current year.

About Ardelyx

Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation.